In "thinking like an economist," the section "the role of economic theory" states that many economists believe that useful insights into our behavior can be gained by assuming that we act as if governed by the rules of rational decision-making.
It is possible to define rational decision-making as a decision-making process that incorporates reasoning at every stage. It is founded on the use of impartial knowledge. The first step in making a reasonable decision is to identify the issue that needs to be resolved, followed by the collection of all relevant data.
The next step is to examine every outcome that might result from each potential solution. The decision-making process that follows comprises weighing all viable options and selecting the best one based on reasoning.
Rational decision-making examples include:
● A student chooses what to study in his post-secondary education.
● A commercial choice regarding what to buy for the company.
To know more about decision-making refer to:
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Answer:
a) see attached image
b) Friday's slope = 1/2
c) Kwame's slope = 1/3
d) Kwame's budget line since it includes 60 fish on one side and 20 coconuts on the other.
e) Kwame is willing to pay more fish per coconut
Answer:
Small franchise owners enjoy a degree of control and can benefit from their support of the parent company
Explanation:
Businesses/producers make the goods and services that exist in the economy. Producers create goods or services that are available for consumers to purchase so that they are making a profit. Consumers need to be interested in the goods or services available so that the companies stay in business and help drive the economy.
The Federal Sentencing Guidelines for Organizations focuses on firms taking action to prevent and detect business misconduct in cooperation with government regulation.
These guidelines help back up a company when someone within isn't acting appropriately. These help lay out ground rules for organizations to follow when taking action, legally.
